Has this wave of $BTC already hit the bottom?
Both of these major coins are hovering around the level of 94,500. The ETF shows a reduction in spot market supply, and the market is experiencing a correction. The balance in the wallets for the major coin is still decreasing, which doesn’t necessarily mean that people are selling Bitcoin. The sellers might be early profit-takers gradually cashing out, leading to a price correction, with a temporary washout action that has also liquidated some positions.
From the intra-day liquidation chart, a confrontational situation is beginning to form on both sides, and within seven days there is a trend to continue rebounding to 95,000 with bullish momentum. More strongly, breaking through the $100,000 mark will trigger the liquidation of $7.5 billion in short positions. Therefore, from my perspective, after today, it is likely we will see a major rebound tomorrow. Yesterday, I mentioned a drop, and indeed it dropped.
The daily chart has shown divergence, but this divergence does not prevent it from pushing up to $100,000 before quickly correcting. The following market conditions present relatively high risks for those trading HY. The fear is that there will be a small correction leading to a one-sided market.
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